Gold prices inch lower as strong equities weigh

Gold inched lower on Friday, having posted its biggest daily decline in two weeks in the previous session, as the impact of a weak dollar was offset by gains on Wall Street.

The metal had broken below the key psychological level of $1,300 on Thursday to hit a one-week low due to sharp gains in the dollar.

"The dollar strength really hurt precious metals and we're seeing some of that reverse with most currencies running a little higher versus the dollar," said Chris Gaffney, president of world markets at TIAA Bank.

"We've got tame inflation, the trade situation is getting resolved and Brexit looks like it's going to be pushed down the road. So right now investors don't have any incentive to buy gold," Gaffney added.

U.S. stocks climbed back to near record highs on Friday after the largest U.S. bank, JPMorgan Chase & Co, soothed worries that the first-quarter earnings season would pour cold water on Wall Street's big rally back from last year's slump

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